BUSINESS BRIEF

Workers’ comp agency
cuts firms’ premiums

4/23/2014

COLUMBUS — Officials with the Ohio Bureau of Workers’ Compensation have proposed a reduction in premiums paid by employers for the state’s upcoming fiscal year, a move the agency says would save a total of $91 million compared to this year.

The BWC is asking its board of directors to approve a 6.3 percent reduction in the base rate that employers pay. Officials say they’re able to cut premiums because the number and severity of claims filed have been lower than expected.

If approved, it would mark the eighth straight year that rates have been cut or held flat. Rates for public employers were reduced Jan. 1, and are at their lowest level in at least 30 years.

Steve Buehrer, the agency’s administrator and chief executive officer, said BWC has tried to keep employers’ rates affordable while still providing help to Ohioans injured on the job.

Employers’ base premiums vary based on industry and are affected by other factors, including recent claims history.